The asymptotic behavior of dynamical systems with limited competition is investigated. We study index theory for fixed points, permanence, global stability, convergence everywhere and coexistence. It is shown that the system has a globally asymptotically stable fixed point if every fixed point is hyperbolic and locally asymptotically stable relative to the face it belongs to. A nice result is the necessary and sufficient conditions for the system to have a globally asymptotically stable

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... fixed point. It can be used to establish the sufficient conditions for the system to persist uniformly and the convergence result for all orbits. Applications are made to time-periodic ordinary differential equations and reaction-diffusion equations.